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German bank green lights Siem Offshore vessel purchase

Oslo: Siem Offshore has secured funding for the building of two well intervention vessels in Germany. The loan of EUR350m has a term of 12 years from when the vessels deliver.

The lender is the state owned bank KfW IPEX –Bank, according to Norwegian financial paper Hegnar.

The vessels were ordered in February last year, to be delivered in February and July 2016 . The ships will be built by Flensburger Schiffbau – Gessellschaft, a shipyard acquired in September by Siem Industries, the main shareholder in Siem Offshore.

The ships are already chartered to US offshore specialist Helix Energy Solutions to work off the coast of Brazil for seven years on delivery.

According to its website, Siem has nine vessels on order and has secured mortgage debt financing for most of them.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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